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The field of economics has taken a beating over the past couple of years. For all their brilliant models and complex analyses, most economists completely failed to predict the disastrous outcome of the housing bubble. Was the problem simply a feature of an imperfect discipline or the result of biases on the part of many economists that made them blind to the truth? Those who have too much faith in the field of economics to give the former possibility much credit might advocate for a potential solution to the latter possibility: develop a code of ethics for economists.

Daniel Indiviglio wonders if economists need their own version of the Hippocratic Oath. (via theatlantic)
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The field of economics has taken a beating over the past couple of years. For all their brilliant models and complex analyses, most economists completely failed to predict the disastrous outcome of the housing bubble. Was the problem simply a feature of an imperfect discipline or the result of biases on the part of many economists that made them blind to the truth? Those who have too much faith in the field of economics to give the former possibility much credit might advocate for a potential solution to the latter possibility: develop a code of ethics for economists.

Daniel Indiviglio wonders if economists need their own version of the Hippocratic Oath. (via theatlantic)
Quote

Torre Lugano is a 420-foot-tall example of the gap between Spain’s recent dreams of economic glory and its grim new reality. Some 1.5 million unfinished, unsold or unwanted residential units stand scattered across the country, products of a still-deflating housing bubble that threatens to undermine Spain’s broader economy for years to come. It is the hangover after an epic fiesta, a period Spaniards now refer to as “cuando pensábamos que éramos ricos"—"when we thought we were rich.”

Paulo Prada, WSJ.com